Georgia Capital (LSE: CGEO)

Currency in GBP

Last close As at 25/03/2023

GBP7.60

9.00 (1.20%)

Market capitalisation

GBP337m

Georgia Capital focuses on scalable private equity opportunities in Georgia. These opportunities have the potential to reach at least an equity value of GEL300m over the next three to five years and the company can monetise investments through exits as investments mature.

Latest Insights

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Georgia Capital — Nearing deleveraging target

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Georgia Capital — A portfolio of market leaders in Georgia

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • Giorgi Alpaidze

    CFO

  • Irakli Gilauri

    Chairman & CEO

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (8.2) 1.1 26.9
Relative (3.8) 0.0 28.3
52 week high/low 840.0p/548.0p

Overview

Georgia Capital’s (GCAP’s) NAV per share total return in Q422 was 14.9% in Georgian lari (GEL) terms (8.5% in sterling), bringing the full year return to 4.0% (33.2% in sterling terms due to the significant appreciation of GEL). The portfolio value uplift in the quarter was mainly driven by the strong share price performance of Bank of Georgia (BoG), up 31% in sterling terms. This allowed GCAP to bring holding leverage closer to its target level, while maintaining a good liquidity position (up 14% y-o-y in US dollar terms). Meanwhile, GCAP shares continue to trade at a wide discount to NAV, currently 61%, based on GCAP’s ‘live’ NAV estimate, implying that the value of BoG shares and the put option on the water utility business is currently higher than GCAP’s market capitalisation.

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